Analyst predicts a significant drop in Ethereum cryptocurrency

Analyst Benjamin Cowen has suggested that Ethereum could be in the process of repeating a historical pattern that could lead to ETH $2,847.40 Bridged Ether (StarkGate) 7.63% Market capitalization $0.23 billion VOL. 24 hours $2.03 billion falling to record lows. The expert spoke about this in a new strategy video to his 790,000 subscribers on YouTube.

According to Cowen, in the last bear market, ethereum did not bottom until it canceled the previous breakout and then tested a macro low. He also points out that ETH crashed right after the Ethereum/Bitcoin (ETH/BTC) pair fell.

Since ETH/BTC is balancing at a support level, Cowen believes that the next breakout could lead to a decline in the ETH/USD exchange rate. In the future, this will stop Ethereum from falling to the $ 1200 level.

«This was not only a reversal of the yield curve, but also a breakdown of the ETH/BTC valuation. If you look at the ETH/BTC valuation, you will notice that this is where the ETH/BTC breakout occurred in July 2019. And in July 2019, this is where the ETH/USD began to fall [з $ 362.39], then ETH/USD went through this wedge and returned here [$ 118],» the analyst emphasized.

At the end of December, Benjamin Cowen was also negative about the value of bitcoin. At the time, the analyst emphasized that the price model of bitcoin, which preceded the correction in 2019, could be repeated. «If it [BTC] does get this engulfing candle that completely wipes out the previous week’s losses, and then we get the next move in the last week of December, it will be very similar to what we saw in mid-2019, just before the first rate cut [ФРС]. This is something to think about. Will it happen in a similar way or not?» the expert said.